Finance Minister Nirmala Sitharaman proposed National Technical Textile Mission with an outlay of Rs 1,480 crore over four years to cut down import.

Textile industry plays a significant role in the economy contributing to over 13 per cent of the industrial output, over 2 per cent to the GDP of India.

Three-day programme from December 19-21, 2019, commencing with B2B meetings for exclusive delegation of women entrepreneurs from four African nations looking at sourcing India, kick-started the celebrations for India ITME Society.

The government encourages exports by refunding various taxes and levies so as to make all the exporting commodities remain competitive in the globalised environment.

To attract higher foreign investment in the textile sector, India has planned a complete overhaul of a scheme to create world-class infrastructure facilities for setting up textile units.

The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.

Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA) has thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain.

To attract higher foreign investment in the textile sector, India has planned a complete overhaul of a scheme to create world-class infrastructure facilities for setting up textile units.

Stäubli’s Safir range of drawing-in machines delivers maximum benefits to home textiles customers.